What is an LLC? Do I need one for my small business? Do I want an LLC in my particular state? Do I need an LLC if I am using my home state as the filing entity? All these questions will be answered here and more.
First, we will discuss what an LLC is. An LLC is a Limited Liability Company registered with the appropriate state. It allows for the sharing of one type of tax liability (the tax liability on the shares of stock in the industry ) between the business and the owner (the person who started the LLC). If you are filing a Change of Address, this may change your business’ LLC status.
Do I want an LLC for my business? If your business grows significantly and your daily work requires a great deal of driving, you might want to consider an LLC. An LLC can help protect your personal assets while also protecting your business assets from those of your competitors. If you file a Change of Address, your address and contact information will become the responsibility of your LLC, not your personal residence.
Do I need an LLC if my condition does not require one? Most states will not require an LLC. Your accountant will be able to help you in determining if you want one based on the type of business you’ve got and your individual state’s laws. Some states allow for one or partial incorporation of a company. Other states require you to form a real LLC.
Do I need a Registered Agent for my LLC? An LLC is also a separate entity from your residence. In order for your LLC to have its own separate legal and fiscal records, you will have to appoint a Registered Agent. In some cases, it’s the Registered Agent that will cause the filing and maintenance of all the LLC’s documents. In other nations, the Secretary of State will handle these filings.
Do I need an attorney for my LLC? Like any legal formation, it’s extremely important that any individuals associated with your LLC are qualified and trustworthy. If you have children or a spouse, you will need an attorney to assist you fill out the forms and register the name of your organization, as well as any alterations (name changes). While the most common reasons to form an LLC would be to prevent state taxes and comply with tax laws, obtaining a registered agent and a qualified attorney also lets you protect your personal interests while still being able to operate your company peacefully.
Do I need an accountant for my LLC? Running an LLC is a very complex and intricate job, and it requires the eye of a qualified accountant. When you file your documents with your state’s Secretary of State, he or she will supply you with a detailed list of who is authorized to make changes and who is responsible for completing them. While this sounds helpful, many accountants are not qualified to handle the complex task of incorporating a business. The Secretary of State also has specific rules about who can represent the LLC, when filings are to be made, how they should be completed, and what fees are required.
Do I need an accountant for my LLC? It depends on your state’s laws. Most states allow a sole proprietorship to incorporate as an LLC, but you must incorporate as a corporation first, before you can incorporate as an LLC. Regardless of the type of business you’re in, you want a qualified individual to assist you produce the necessary Articles of Organization, register the name of your LLC, and keep the books.